About Somerset County, NJ

Listening is one of the most important skills you can have. How well you listen has a major impact on your job effectiveness, and on the quality of your relationships with others.

We listen to obtain information.
We listen to understand.
We listen for enjoyment.
We listen to learn.

Given all this listening we do, you would think we'd be good at it! In fact we're not. Depending on the study being quoted, we remember a dismal 25-50% of what we hear. That means that when you talk to your boss, colleagues, customers or spouse for 10 minutes, they only really hear 2½-5 minutes of the conversation.

Read more: http://www.mindtools.com/CommSkll/ActiveListening.htm

Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell)

NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069

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« November Home Buyer Seminar

Mortgages 101

I always tell my clients that "I sell houses, not loans" and direct them to my favorite Weichert Financial Services manager - Brian Wagenseller, who can be reached at 908-310-5122. Brian sent out a newsletter this afternoon so I thought I would share some highlights of available mortgage options:

State bond programs (not available in every state)
- Very popular programs. Loan amount limits and downpayment requirements vary.
- NJ, PA, VA and MA have monetized the tax credit to be made available at closing.

FHA financing
- As little as 3.5% down. Loan amounts up $729,750 in certain areas.

VA financing
- No Money Down up to $417,000.

Conventional financing both conforming & jumbo
- Loan amounts up to $729,750

Home Improvement Financing
- An FHA 203(k) Mortgage enables buyers to combine purchase and renovation financing
- Jumbo Financing up to $1,750,000
- Fixed Rate Bi-Weekly Payments and Various ARMS Available

Super Jumbo financing - Unlimited Maximum Loan Amount
- Provided to high net worth borrowers. Guidelines vary by client profile.

Reverse Mortgages
- 62 and older
- No income or credit qualification
- No monthly payments
- Available for purchases (great for Seniors considering downsizing)

Feel free to contact me or comment about this information, but remember: I sell homes, not loans, so I might not be your best resource. However, I can be your connection to the resource!

If you are ready to get started, you can sign up for daily or weekly listing alerts of Basking Ridge homes for sale. You have six more months to take advantage of the tax credit!

This week's market activity will be posted tomorrow evening.

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You are invited to a free Home Buyer Seminar Saturday, November 21st at 11:00 in my office at 22 Henry Street in Basking Ridge. I will be there along with other real estate professionals, including my broker, our mortgage representative and a real estate attorney. We'll address local market conditions and buyer incentives, including the Federal Tax Credit as well as current mortgage products.

If you want to get ahead of the game, click here to search homes for sale in all areas covered by the Garden State MLS. Space may be limited, so please RSVP today by calling me directly at 908-432-0318 or emailing me at jennifer@jenniferblanchard.com. Please let me know how many will attend and if you have can stay after the seminar or come back on Sunday to get started!

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« Senate Approves Extended U.S. Homebuyer Tax Credit

My Oil Tank is Underground

"My oil tank is underground and it has insurance; why do I need to remove it?" , "I am negotiating a contract on a home with an underground tank, what do I need to know about it?", "There is a decomissioned tank in the back yard, all the permits are on file at the township office.", "Can we ask the seller to pay for the soil test?", "We haven't had any problems with our tank, we are not going to take it out of the ground."

When I first started in real estate, the only thing I needed to know when selling a home with an oil tank was the number of a reputable inspection company. We held our breath during the tank inspection and exhaled when the soil reports came back clean. Then, during a transaction on West Oak Street in Basking Ridge, we were days away from closing and my client (a first time home buyer) called me in tears: "I just got a call from my homewoners insurance company, they have a new policy against insuring homes with underground storage tanks". That was the beginning of the end!!

While there is no law against the transfer of property with an underground oil tank, it is increasingly difficult to do so. Especially in a buyers' market! Even properly decommissioned tanks run the risk of having leaked at some point in time. The clean up of contaminated soil is the responsibility of the homeowner - regardless of when the leak occured. In other words, if you buy a house with an underground tank and a year later you pull the tank to convert to natural gas and there is a leak, then YOU are responsible for the clean up. There will be no going back to the prior owner for help with the clean up and there will be nobody to blame! So, as a buyer, it is in your best interest to include a clause in the contract stipulating that the tank be removed. It also makes sense, if the seller claims that there never was a tank, for a buyer to sweep the property to ensure that there aren't any tanks hiding under ground! As a seller, the impetus for pulling the tank prior to listing the property or at the very least prior to contract/closing is the fact that buyers know that it is in their best interest to include a clause in the contract stipulating that the tank be removed. Removing it before listing the house eliminates the issue completely. In today's market that is the best thing to do! Eliminate any issues or potential issues before opening the door to any buyer who has the upper had to begin with.

If you are a homeowner with an underground tank, it may not be necessary to remove it - contact your insurance company for more information. I just did my homeowner's policy renewal. I do not have a tank, but if I did, as of January, 1, 2009 I would have had to purchase an endorsement to cover us in the event of a leak. AND this renewal year is the only time that my company is offering this endorsement; once it is applied it can be renewed, but once withdrawn, it cannot be reapplied.

Bottom line: if you have a tank, take it out or make sure you are properly insured!

The cleanup process can be long, costly and complicated, even with a small fuel leak. Your insurance policy and municipal, state and federal regulations will dictate how the cleanup must proceed and the combination of these rules can uniquely affect individual properties.

There is funding available from the state for removal costs as well as for costs associated with clean up. For more information on NJDEP funding, go to www.nj.gov/dep/srp/finance/ustfund/, or call 609-777-0101. Another resourceful website is www.NJEDA.com (under the "Applications" tab, click on "Underground Storage Tank Funding Programs".

If you have any questions about the information in this post, or if you are considering a move into or out of Basking Ridge, contact me here or call 908-432-0318 as I'm sure I can help!

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